For the past four years, B2B marketers have had to adapt to constant change. The COVID-19 pandemic and subsequent inflation have significantly altered the event landscape. A recent survey by Forrester, the Q1 2024 State Of B2B Events Survey, aimed to understand these shifts. The survey gathered responses from over 200 event decision-makers to identify and analyze key trends. Here are eight crucial findings highlighted by the survey:
Budgetary Constraints and Efficiency
Many marketing teams are struggling with static or shrinking event budgets. While inflation has eased somewhat, real event budgets are still down. This is because unless budgets have increased by approximately 8-10% over the last two years, they’ve effectively decreased in real terms. Despite these financial limitations, stakeholders still expect the same quantity and quality of events. Therefore, marketers are forced to re-evaluate their event strategies, prioritizing cost-effectiveness and operational efficiency.
Evolution of Event Formats
The B2B event mix encompasses in-person, virtual, and hybrid formats. The survey revealed important changes within these categories. Hosted/owned in-person events are exhibiting the most rapid growth; 58% of marketers plan to increase their use of these smaller events. Webinars are the second-fastest-growing event type, especially notable for midsized and North American organizations. The focus for marketers must be on designing audience-centric event plans that combine a full range of event formats.
Extending Event Impact
To ensure a solid return on investment (ROI), 92% of respondents plan to improve their post-event follow-up this year, and 77% are looking to build year-round attendee engagement. Organizations are now constructing integrated 12-month event plans that incorporate multiple event formats and leverage data as well as repurposed content to maintain engagement between events.
Data and Measurement as Top Priority
Budget pressures have heightened the need for better performance measurement and improved ROI (a priority for 95% of respondents). Marketers must take a different approach to event technology selection, deployment, and integration to be successful.
ESG Initiatives Deprioritized
Environmental, social, and governance (ESG)-related initiatives have, overall, been deprioritized, although there are certain regional distinctions. Sustainability remains a strong focus for EMEA teams (79% identified it as a priority) compared to North American teams (32%). The survey data also showed that CMOs are less interested in ESG-related event areas than event leaders, which is somewhat surprising given the potential brand impact.
Proliferation of Event Technology
Event technology usage and spending has proliferated. Around a quarter of large enterprises use six or more B2B event technology solutions, spending over $250,000 per year. Despite budgetary pressures, the majority plan to maintain current spend levels. Leaders should prioritize investigating consolidation opportunities.
Challenges in Event Technology Integration
Event technology integration remains a major challenge. Surprisingly, only one in five enterprises has integrated its main B2B event technology platform with its wider marketing technology stack. Often, event technology is treated as a tactical asset instead of a strategic one. Many teams lack the experience and skills for integration projects and focus too much on “at-event” execution. This prevents them from maximizing the value of captured data.
Centralization for Efficiency
Many organizations are centralizing event planning, execution, and technology management. The aim is to drive efficiency and scale event activities more effectively by developing event centers of excellence.
Forrester clients can access the new B2B event trends report or request a guidance session for more detailed analysis and how these findings impact their teams and organizations.
